Food Technology Service, Inc. Reports Earnings

Business Wire, Nov 11, 2008

MULBERRY, Fla. -- Food Technology Service, Inc., (Nasdaq:VIFL) today announced results for the third quarter of 2008 and for the first three quarters of 2008. Revenues were a record $683,409 during the third quarter of 2008 compared to revenues of $576,197 for the same period in 2007. This is an increase of 18.6 percent. The Company had net income during the third quarter of 2008 of $186,859 compared to net income of $130,027 during the third quarter of 2007. This is an increase of about 43.7 percent. Earnings per share were $0.068 for the third quarter of 2008 compared to $0.047 for the third quarter of 2007. For the first three quarters of 2008, the Company had record revenues of $1,865,344 and net income of $393,187. Revenues during the first three quarters of 2007 were $1,594,357 and the Company had net income of $212,548. Revenues increased by about 17 percent and net income increased by about 85 percent in the first three quarters of 2008 compared to the same period in 2007. Earnings per share were $0.143 for the first three quarters of 2008 compared to $0.077 for the first three quarters of 2007.

Food Technology Service, Inc. CEO Dr. Richard Hunter said, "I am pleased by our growth in revenues and earnings as well as our repayment of debt. During the third quarter of 2008, the Company paid the remaining balance of approximately $239,000 on a loan for a new warehouse completed in November, 2006 and also made a payment of $50,000 for debt owed to MDS Nordion." "These two actions reduced the Company's total debt from approximately $1,060,000 to approximately $770,000" said Hunter.

Food Technology Service, Inc. provides irradiation services for medical products, food items and consumer goods to enhance the safety of those products. The Company is certified to ISO 13485:2003 standards for the provision of radiation sterilization services for medical devices.

Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risk and uncertainties that may affect business and prospects and cause actual results to differ materially from these forward-looking statements.